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ASTROTECH INTERNATIONAL CORPORATION

 PITTSBURGH, Feb. 8 /PRNewswire/ -- S. Kent Rockwell, Chairman and Chief Executive Officer of Astrotech International Corporation today announced that Astrotech reported net income of $535,000 on revenues of $9.9 million for the three months ended December 31, 1992. This compares with net income of $1,481,000 on revenues of $15.3 million for the comparable period last year.
 Astrotech also reported that net income per common share, assuming full dilution, was $.07 per share for the first quarter of fiscal 1993. This compares with net income per common share, assuming full dilution, of $.18 per share for the same period last year.
 Commenting on Astrotech's first quarter results, Mr. Rockwell said that "sales volume for the quarter was less than anticipated as our customers continued to delay spending in the final calendar quarter of 1992. Margins, however, were favorable due to a better mix of product sales and the fact that we did not seek lower margin labor-intensive projects at the break-even level. Operating expenses were less than anticipated but increased as a percentage of sales, as we continue to fund future development programs."
 Mr. Rockwell further said that "as we have previously stated, we foresee our near-term growth coming more from maturation of our industry and resultant consolidation than from real growth spending by the major oil companies. This consolidation process appears to be presently accelerating because of the current lower volumes and reduced earnings environment being experienced by our industry. This situation may present certain opportunities as we continue our evaluation of potential acquisition candidates. We believe our current strategy is well focused for shareholder value."
 Astrotech is a leading supplier of proprietary products and services for the inspection, maintenance and repair of large aboveground storage tanks located primarily at petroleum and petrochemical terminals, refineries and pipeline facilities. These services and products enable its customers to comply with increasingly stringent environmental regulations and to improve operating efficiencies.
 Astrotech's Common Stock and Warrants currently trade on the American Stock Exchange under the symbols AIX and AIXws, respectively.
 EARNINGS SUMMARY
 (Unaudited)
 Three Months Ended
 December 31,
 (in thousands,
 except share data) 1992 1991
 Continuing operations:
 Net sales and revenues $ 9,891 $ 15,281
 Income from continuing operations
 before income taxes 10 1,307
 Income tax expense (39) (205)
 (Loss) income from continuing operations (29) 1,102
 Discontinued operations:
 Gain on sale of assets of Astrotech Space
 Operations, Inc. 564 379
 NET INCOME 535 1,481
 Preferred stock dividends -- (76)
 Net income applicable to common shares $ 535 $ 1,405
 Earnings per common share - assuming full dilution:
 Income from continuing operations $ -- $ .13
 Net income $ .07 $ .18
 Weighted average shares outstanding 8,163,330 8,382,850
 -0- 2/8/93
 /CONTACT: Raymond T. Royko, vice president and secretary of Astrotech International, 412-391-1896/


CO: Astrotech International Corporation ST: Pennsylvania IN: OIL SU: ERN

PT -- PG014 -- 4200 02/08/93 15:05 EST
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Publication:PR Newswire
Date:Feb 8, 1993
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